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Turnarounds & Workouts: Successful Restructurings of 2022: Puerto RicoJanuary 15, 2023
O’Melveny was recognized by Turnarounds & Workouts in its 2022 list of “Successful Restructurings” for its work representing the Commonwealth of Puerto Rico in the largest municipal restructuring in United States history. The annual list “tells the stories where corporate restructuring professionals worked together in the past year to restructure businesses, continue business operations, save jobs, and pay creditors.” The deal involved more than US$70 billion in debt and US$50 billion in unfunded pension liabilities. O’Melveny partners John Rapisardi, Peter Friedman, and Maria DiConza worked with a variety of bondholders and insurers to help Puerto Rico achieve tremendous benefits for its citizens, accounting for the interests of the Commonwealth, creditors, and retirees.
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